Hong Kong Chief Executive John Lee delivered the city’s first Five-Year Plan (2026–2030) and the 2026 Policy Address to the Legislative Council on 16 September, pairing a fertility package with new housing-supply targets. According to the official Policy Address text, the HK$20,000 newborn baby bonus, which was due to expire on 24 October, is extended for three years, and the bonus for a second or subsequent child born on or after 16 September rises from HK$20,000 to HK$30,000 over the same period. The child tax allowance for a second or subsequent child increases from HK$140,000 to HK$160,000 from the 2026/27 year of assessment, as does the additional allowance for the first two years after birth.
The housing element targets the same families. The Policy Address states that eligible families — a child born in Hong Kong on or after 16 September, with at least one parent a Hong Kong permanent resident — who buy a residential property from one year before to two years after the birth are entitled to a stamp-duty waiver capped at HK$20,000. Dimsum Daily reported that the waiver applies to first-time purchasers and takes effect once the amending bill is passed. From the next Home Ownership Scheme sale exercise, the maximum mortgage loan-to-value ratio for White Form family applicants with newborns will be raised to 95%, according to the official text.
On supply, the Policy Address says public housing production will exceed 35,000 units a year on average from 2027-28, an increase of about 73%. Reuters reported that Lee promised about 196,000 public housing units within five years, with the Northern Metropolis planned on a 40% public rental, 30% subsidised sale and 30% private housing split. The composite waiting time for public rental housing stood at 4.8 years at the end of June, more than a year below the 6.1-year peak, with a target of 4.5 years by 2027. The government also plans about 2,500 hectares of spade-ready sites over the next decade, about 1,400 hectares of them within five years; Hong Kong Free Press reported that the Five-Year Plan sets a binding target of 900 hectares in the Northern Metropolis by 2030, up from roughly 120 hectares today.
Cushman & Wakefield’s KK Chiu, International Director and Chief Executive for Greater China, welcomed the supply commitment and the shortening of the waiting time, and said increasing housing supply is the fundamental solution to inadequate housing conditions.
References
HKSAR Government – The Chief Executive’s 2026 Policy Address: Chapter VII, Enhance Social Well-being / HKSAR Government – 2026 Policy Address Highlights / Dimsum Daily – HKSAR extends HK$20,000 baby bonus for three years, higher child allowances and housing stamp duty relief / Reuters via AsiaOne – Hong Kong’s first five-year plan aims to add jobs, homes / Hong Kong Free Press – Five-Year Plan: Hong Kong sets binding target for 900 hectares of ‘spade-ready sites’ in Northern Metropolis by 2030 / Cushman & Wakefield via Media OutReach – Response to the 2026 Policy Address and the Five-Year Plan (2026-2030) by Cushman & Wakefield
